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have any idea what the repercussions are going to be for the united states economy? we went through a drama with the fiscal cliff and going forward the last thing we want and finally we had some positive news out there. >> brenda: we had a lot of drama and this happened before in 2011. but, toby, markets still went up. look at us, we're at five year highs now and wall street doesn't seem to worry. >> we had 400 point down days and it caused a whole stress that was self-inflicted one of the points that people try to make here. gary, listen, in gary b land, that all things are perfect and the kids are wonderful and all of that stuff. but in the real world, and that this is an arbitrary number not related to anything. we could have the conversation every day and we have the spending, you know, it's going to happen. and we need to vote the people out. vote those jokers out and that's how democracy works. >> and i'm moving to sweden because they have their act together. >> brenda: that's not why you're moving to sweden, gary b. >> doe't congress give them the power, i would vote for the
to threaten to tank the united states economy by refusing to pay our own bills. this is not future payments is it paying bills that are due and owing. we get up one morning say we will not pay the mortgage. that is reckless and irresponsible. it is it a mad man theory to negotiations. give us what we want or we will tank the united states economy. that is reckless and irresponsible and we will not do it. >> guest: that is not addressing the problem. >> john: the president said if it is tide to the debt ceiling it is not a discussion to center. speaker boehner said it is it a discussion and we talk about raising the debt ceil we want a equal or greater off set in taxes and other cuts. is equal or greater off set in spending and other cuts. mitch mcconnell said this is it a argument you will have. >> now he has the tax rates he wants, his calls for balance means he needs to join us in the effort to achieve meaningful spending reform. the president may not want to have the debate, but it is one that he's going to have because the country needs it. >> john: does the country need that debate two
on the united states economy. there are just a lot of open questions there. certainly it adds a lot of things for investors to keep in mind. > jeremy glaser from morningstar. thanks so much. > > you're welcome. coming up, we have a preview of what hollywood has in store for moviegoers in the year ahead. that's next. and there's a big advantage parents can give their kids -- making sure they get active at least 60 minutes each day. studies show that physical activity not only helps kids stay healthy, it can enhance important skills, like concentration and problem solving, which can improve academic performance. this means physical activity can help your kids in the most important game of all -- life. 2012 was a box office smash with a record number of ticket sales at $10.8 billion compared to the record set in 2009 at $10.5 billion. our movie guy, erik childress, is here for movies and money. good to have you on the show. and will 2013 be as strong, erik? > > hollywood obviously is certainly hoping. they have already got the line-up pretty much set for the year with a number of sequels and rem
. they'll be laying people off. this is the danger. >> the united states' economy and the european union are extremely closely tied together. they are the two biggest economies in the world. they're almost roughly equivalent in size, about $15 trillion in output for each of them. and together, they make up about half of the whole world economy. >> one of the questions that i asked each of them was, "what could we do in the united states that would help with this crisis?" and every person on the panel said the most important thing we can do in the united states is to get our own fiscal house in order. >> the united states certainly has some accounting to do with respect to a regulatory system that was inadequate. >> the united states has made it clear, as has china and many other countries, that we are not writing checks. there's nobody that supports a marshall plan for europe. there's nobody that supports the americans leading a bailout. what we're doing is providing the europeans with a lot of advice. >> what the united states can do is make very clear that we have supported the cause o
it was a dead loser for republicans to threaten to thank tank the united states economy by refusing to pay our own bills. this is not about future payments. this is about paying bills already due and owing. like we get up one morning and say we are not going to pay our mortgage. that is reckless and irresponse irresponsible. kind of the madman theory to negotiations. give us what we want is what republicans say or we will tank the united states economy. that is reckless and irresponsible and we won't do it. >> what it reckless is not addressing the problem and that is what we want to do. >> let's look at the way this may unfold. the president say if this is tied to the debt ceiling it is not a discussion i'm going to have. speaker boehner said we talked about raising the debt ceiling and we want an equal or greater offset in taxes or other cuts. equal or greater offset rather in spending cuts. mitch mcconnell. let's listen to what he said. >> now, that he has the tax rates he wants his calls for balance means he needs to join us in the effort to achieve meaningful spending reform. the presiden
greece, comparing it to the united states economy, has no business talking about the economy. they don't know what they are talking about. comparing greece's economy to the united states, their army to ours. there is no comparison. we're a sovereign, currency nation. we can control so many things that the greek government can't. so we just ought to forget that kind of talk. and we're the strongest economy in the world and we have many more options than other nations in the country. >> glad to hear you say it. we look forward to hearing you from again. >>> nancy pelosi is defending the use of photo shop magic on all of the women in the house democratic caucus. four congresswomen didn't show up. the picture was taken without them like so. but on pelosi's facebook and flicker pages, you see this photo of the same event which includes the four absent women, there at the top. ms. pelosi says it's an accurate historical record and the group couldn't wait for the others, because it was so cold and they didn't have time to wait for them. >>> in this week's office politics, we talk with nbc's a
. that includes a recovery in exports. >> translator: led by the united states, overseas economies are picking up strength. demand from outside japan is increasing steadily. the japanese economy is likely to follow a recovery path, supported in part by needs created by restoration projects in the disaster-hit region. additional monetary policy easing will also help the economy to grow. >> meanwhile, a chief analyst is a little more cautious. he says he's not sure if the decline will continue. he warns that the yen could start strengthening again if the u.s. economy recovery loses steam or if japan's efforts to pull itself out of deflation fail. >>> asia plays an increasing my important role in the global economy but some question whether the region can sustain its growth. starting today we'll be bringing you a series of interviews with business and financial leaders. the head of the asian development bank gave us an interview. >> reporter: while the global economic outlook remains uncertain, asian region remains a bright spot. >> to some extent compared with the u.s. and europe and also compared
of the things we have to look at, how do we get capital flowing in the united states economy so we have growth and expansion of our small businesses. we look at our corporate business tax rate, which is the highest in the world. we need to turn that around so we create opportunities and get people hired and start producing again. but another thing we have to be concerned about with this anemic, almost retrograde gdp number, you have a federal government, spending 24 to 25% of our gross domestic product and that's going to increase from 30 to 31%, over the next 8 to 10 years. so once again, we have to look at spending in washington, d.c. but here in january, you see with the payroll tax cut that was taken from 4.2%, went back to 6.2%. you have a lot of people seeing that missing rev new and their paychecks as limp have you 8 new taxes from the affordable care act -- that will be hitting all americans. >> i guess if i were a member of congress or -- i would hope or the president or the white house press secretary or whatever, i would hope that if i woke up and saw a shrinking economy, i would th
back in the united states economy so we do have growth. we have expansion of small businesses. we look at keorpt business tax rate which is the highest in the world we need to turn that around so we can create opportunities and get people hired and start producing again. another thing we have to be concerned about with this anemic almost retrograde g.d.p. number, you have a federal government that spending 25% of our degrees domestic product and that is going to increase from 30-31% over the next eight to ten years. once again, we have to look at the spending that is being done up in washington, d.c. here in january you see with the payroll tax cut that was taken from 4.2%, went back to 6.2%. you have a lot of people seeing that missing revenue in their state checks. you have eight new taxes from the affordable care act. >> greta: if i were a member of congress, i would hope the president or the white house press secretary, i would hope that if i woke up and saw a shrinking economy, i would think to myself, what am i doing wrong? i'm a political leader. i'm a member of congress or what
technology. >>> policymakers in the united states feel their economy still need their help. what can you tell us? >> i've been reading through the stam and they feel there's been a pause in the u.s. economy and they're not yet confidence about the job situation. they want to see a lower unemployment rate. they will continue their current ease to support the economy. the u.s. federal reserve made the decision at a two-day meeting of it federal open market committee that ended wednesday. the policymakers said in a statement that growth and economic activity had paused in recent months. this was despite improvements in the housing market, personal spending and business the deraserve attributed the slow down to a high jobless rate and the effects of hurricane sandy which hit the u.s. east coast last year. the fed said it will continue buying mortgage backed securities and treasury bonds worth $85 billion a month. the key interest rate will be kept at virtually zero as long as the unemployment rate stays above 6.5%. the u.s. jobless rate stood at 7.8% in december. the u.s. economy shrank in the fi
're threatening to tank the united states economy. again, the debt ceiling, it is really important that people understand, this is not about expanding your capacity to start new government programs. this is paying for bill that is are already due and owing so not paying it would be like, tamron, you and i buying stuff on the credit card and then deciding after we bought that stuff we are not going to pay for it. if the united states does that, it will tank our credit rating and economy and make any discussion of what would happen going over the fiscal cliff look like child's play. that's why the president said, look, he is not going to allow the american economy to be held hostage in that way. he is absolutely prepared to continue to negotiate ways to reduce our budget deficit and that's exactly what we should be doing but we shouldn't be doing it under the threat, the republican threat, of tanking the economy by undermining the full faith and credit of the united states government. we have never done that in the history of this republic and we shouldn't start doing it now. >> all right. congr
would be the united states economy and the potentially disastrous impact of failing to raise the debt ceiling brsh according to speaker boehner, the ends justify the means. in a statement yesterday, boehner asserted the consequences of failing to increase the debt ceiling are real, but so, too, are the consequences of allowing our spending problem to go unresolved. it was a response to this stern warning from the president on monday. >> they will not collect a ransom in exchange for not crashing the american economy. the financial well being of the american people is not leveraged to be used. >> if the tenor of the president's last press conference of his first term is any indication about what he expects in his second term, prepare for a bond-style showdown as the government barrels towards its borrowing limit. that said, there might exist a solution that would allow congress to do what it does best, which is to say nothing at all, and still save the economy. this do nothing approach was floated by senate minority leader mitch mcconnell in 2011, and president obama gave it a hat tip
connection. could you explain that please? > > they're the number one exporter of oil to the united states, so their economy is very much based on energy. so their currency has kind of been suffering lately as the energy sector has been down. but we are seeing a resurgence here, and we just made two-month highs in crude-oil here recently above $91.50, so i think that could add some support, and you've got a very solid base at $99, which is the halfway of the highs and lows for 2012 in the canadian currency. > here is the chart and a look at the canadian dollar. what do you see in the charts that you like? > > i am looking at a june option, a limited-risk play. a june option has five months. you can buy an option here for a relatively inexpensive $1,500, because there is such a low volatility - this market hasn't moved much. and it has five months to develop here. the near-term target is $106. what is interesting is there is usually a high correlation between the canadian dollar and the australian dollar, which has made new yearly highs, but we've seen this canadian lag behind. look for tha
. it is an important part of the united states economy. nearly 15% of our gdp. research and development in the united states is associated with manufacturing. i'm very pleased to serve it. >> it really feels great. clearly one of the things i have focused on is further developing the entire team, of ford worldwide and i'm so pleased with asking mark to be the chief operating officer also joe hendricks has come back from asia pacifics to take over americas. we have dave shock who is a fantastic operator in asia pacific now. maybe the biggest one is jim farley who really knows luxury is not only leading sales market and service worldwide but also lincoln. jeff: are you paying him more now that you make him do double work? >> i think he feels fully appreciated. we appreciate him. this idea of not only developing the team members individually but also as a team is going to serve ford very well. jeff: the dividend you just doubled it. a lot of the ford family like that. so do all stockholders. >> it's a good point about the ford plan. we also shared with everybody that we were going to reinstate a dividen
.s. economic recovery. i think the united states economy has very strong fundamentals. geithner is a friend and i want to thank him for tightening the economic sanctions on iran. we have to look forward to see what else can be done in order really to make it even more effective. it is already quite effective as it is today and also to discuss the future economic cooperation between our two countries. >> does israel face a fiscal cliff of its own? >> we are facing the global crisis as everybody else. so far we did relatively -- we are in relatively good shape, economic hope in israel is quite significant and the level of investment in the economy was going up by almost 40%. nearly 40% in the last three years which enable us to reduce unemployment and create even more jobs than before. so this is, on the one hand. on the other hand, of course, we are still facing the europe, part of our export is to europe. our export to europe is slowing down and we have to handle the situation. still even if you get some success by handling this global crisis it is still a very great situation and we have t
in the european markets when the united states announced that their economy completely suppressing the contracted in the fourth quarter. >> we stay in frankfurt for a closer look at the numbers from the mid-week session. the dax finished the day down by nearly 0.5%. the euro stoxx 50 down by just a little bit more. across the atlantic on wall street at this hour, the dow pretty much trading flat. the euro up against the greenback at a value of $1.3568. >> just days after toyota regained its spot as the world's no. 1 carmaker, it has announced recalls affecting more than 1 million cars around the world. >> one recall limbaugh's career role of -- one recall involves carolla models. there are also lexus models with windshield wipers that failed to function in heavy snow. he recalls come after a series of quality problems that have damaged toyota's reputation for quality. amazon shares opened sharply higher on the back of better than expected earnings on the end of your business. >> holiday sales grew 22% to just over $21 billion. it was mainly down to a major boost in the ebook sector. jeff bezos sa
we have the united states, the largest economy. private capitalism as their economic paradigm. you have china with the second- biggest economy with no democracy. these countries have the same income and equality right now. only marginally worse. we can talk about trajectory. policymakers have to make a decision which model do we packe ick. we loved democracy. think the jury is still allowed. >> thank you. i think we have time for one more question. six rows back. there is an uproar. we'll have two more questions. >> my original question was to professor easterly. there is a basis for generalizing of the declaration of independence to the world. it does include so-called positive breaks as well. i would like to hear your comments. >> i want to get two other questions and have you both answer them. the lady here four rose back. ws back. >> i was in west africa a couple of years ago. there was a strong sentiment to stop the aid. my question is around integration. there are people doing important things like clinton and goldman sachs. how does the economy developed that energy for inno
to the united states. there are a lot of challenges for the united states economy. quarter after quarter the auto sector is a bright stop -- spot where we see will growth. there have been some quarters for the auto sector was almost all of the economic growth in the country. the auto sector is doing its part to move the country forward. host: what is your groups stand when it comes to gas mileage regulation? guest: we are happy about a number of things that have occurred from the new standards the obama administration put forward. it is won a national standard. -- it is one national standard. the obama administration did a good job of working with california and other stakeholders to have one national standard. we also like certainty and investments that are necessary to meet the new standards. hundreds of billions of dollars to meet teh 2025 objectors. they are challenging numbers. the fuel economy standards are not set by what the car by what produce a lobut the american people buy. there is an opportunity to review where the american consumer is at in terms of the technology they lik
of the world of the united states' economy and this isn't something we should be fooling with and again he has been very tough in negotiating and making clear to the american people this is what the stakes are, this is what's happening and right now he still has them behind him and that's a powerful thing. >> you say he's been tough. there are people on the left who say he has not been tough. quote from adam green, particularly angry with the president, from the progressive change campaign committee, he said "the president remains clueless about how to use leverage in a negotiation. republicans publicly admitted that they lost the tax debate and would be forced to cave, yet the president just kept giving stuff away." your response? >> well, unfortunately for adam green, laws are not made by simply waving a wand, and making it so. it involves compromise, it involves negotiation and that's what happened here. there's a lot that progressive democrats, including adam green, should be excited about in this package, the extension of unemployment insurance, college tax credit, child tax credit, makin
republican strategy is to give us what they want or we're going to tank the united states economy. >> the sequester strategy is the same thing. they're cutting air-traffic control by 9%. air-traffic control! >> oh, my god. what morons! we have to burn the country in order to save it. >> stephanie: yeah. >> right approach to government. >> stephanie: do you see -- how do you see this playing out this time? >> oh, the same. the same thing's going to happen. it has happened nine times already when i was on my unpaid two-year vacation courtesy of the voters. it always comes down to the same thing. boehner finds some excuse to put something up for a vote and then it passes with democratic votes. that's what seems to happen over and over and over again. you know, they called it the hastert rule. the hastert rule was you never put anything up for vote unless the majority of your caucus believes in it. boehner has had to violate the rule over and over again otherwise the government would simply collapse. the same thing will happen again. >> stephanie: it's hard to say. you've got -- obvio
up the united states economy and the world economy. or that's something they can take that they can negotiate with. as americans, that didn't used to be something that was negotiable. >> no. in honesty people, you know, we debated that issue. whatever side we talked about the increase, the increase, the increase. in a bipartisan basis and whether it was clinton or bush or reagan administration, et cetera, then people voted to increase the debt limit because it's not about future spending. it is about spending that has occurred and that is like getting your credit card bill in the mail and you've made the purchases and then you say well, hell, i'm not going to pay the bill. >> stephanie: really would be like talking to mastercard and going we really need to cut spending. so i'm not paying this. >> i'm just not going to pay my bill. >> stephanie: you're the one that ran up the spending. >> congress ran up the bill. you can have a debate and conversation about those efforts. >> i think what's incredible, i've been look at the commentary and the quotes from some of our colleagues on the
by key fact is that the united states economy. it has benefited many. they are known as lawyers and has created levels of bureaucracy. despite the attention we believe it's been counterproductive and working against solving the core problem it seeks to address, too big to fail. let me define what i mean. the fed's definition is financial firms whose managers and customers believe themselves to be exempt from the process of bankruptcy and creative destruction. such words capture the financial upside of their actions, but largely avoid payments for actions gone wrong and leave bankruptcy enclosure. in violation of one of the basic tenets of americans have capitalism. such burns injuries subsidies relative to non-to the detail competitors. it is likely to take greater risk in search of profits protected by the presumption that bankruptcy is highly unlikely to obtain. the phenomenon of sure and three as a result of an implicit the way they taken for granted government sanctioned policy coming to the aid of the owners and managers and creditors of a financial institution deemed to be so larg
by increasing regulatory uncertainty in key sectors of united states economy. it has benefited many who are known as lawyers and it is created has created many new levels of bureaucracy. despite his good intention we believe it has been counterproductive in working against solving the core problems that it seeks to address, too big to fail. let me define what i mean when i speak of too big to fail. the dallas definition is financial firms whose owners managers and customers believe themselves to be exempt from the process of bankruptcy and what trump called creative destruction. such firms capture the financial upside of their actions but they largely avoid payments for actions gone wrong. bankruptcy and closure. in violation of the one of the basic tenets of americans have capitalism. such firms enjoy subsidies relative to their non-two potato competitors and less likely to create a risk protected by the presumption that thinks of busy is highly unlikely to obtain. the phenomena of the too big to fail is a result of a implicit but widely taken for granted government sanctioned policy o
. >> and it happened at a time when the united states economy % was doing reasonably well. >> stephanie: that's what you point out. it shouldn't be too much to notice it's not 1999 shutting down the government in the middle of a perilously weak economy. this ain't no disco. >> are we done? because we were in the heebie jeebies for a while. no there is a recklessness in the year and some of the republican leaders that would like there to be a republican party in ten years are looking around saying maybe this is something we shouldn't monkey with this time. but who knows. >> stephanie: right. >> i mean you would have to be a fool to presume you know who is driving the train there right now. >> stephanie: exactly. you pointed out the same thing we did as you call it disco dave's dance party on meet the press. he has reached the perfect balance of sucking up to people and book -- >> i don't know if it's a jack welch thing. >> stephanie: yeah. >> the fellowship of, you know nasty not entirely competent former ceos. she has nothing to contribute to anything. she was a failure at a
repatriating money that's already taxed to the united states will boost our economy and allow us to create jobs here and maybe could be tie intoed creating an infrastructure bank, but we need some fundamental changes. belief it or not we care more than anything else about the health of the economy, so deficit reduction is really big for us. we support the simpson-bowles, we're the only association that does. it hurts etch, it's shared sacrifice, it's painful even for us but we need stability in our finances as a country, and every responsible business should stand up and say that, and we're urging both sides -- republicans and democrats -- to recognize the pain has to be spread around. there's some things, patent controls that effects innovation. basically, people don't produce anything but lawyers. it's not really a good way to get a society. and from the smallest start-up to the biggest economy everyone's saying we need more certainty, you shouldn't be putting people out of work in actively-of run companies if they're don't even think they're breaking someone's patent. there has to be some ce
currently living in the united states that is contingent upon securing our borders. second, we reform our legal immigration that will build the american economy and strengthen american families. third, we create an effective employment verification system that will present identity theft and tend hiring of future unauthorized workers and lastly, we establish an improved process for e admitting future workers to serve our work force needs while protecting all workers. other bipartisan senators have stood in the same spot before trumpeting similar proposals. but we believe this will be the year congress finally gets it done. the politics on this issue have been turned upside down. for the first time ever, there is more political risk in opposing immigration reform than in supporting it. opportunity to act. but we will only succeed if the effort is bipartisan. by their presence today, my republican colleagues are making a significant statement about the need to fix our broken immigration system. we democrats are equally serious. we do not want immigration as a wedge issue. much rather we wan
of jobs, they say. it may convince the fed, the central bank of the united states, to continue to give aid to the u.s. economy to create new jobs which would also benefit the stock market here. it was an american week because the major gains in the dax are made on the first trading day. that is when they reacted very positively to the fact that the united states did not fall over the fiscal cliff. dax gaining 2% this week. >> this week has certainly had its fair share of ups and downs. they prove fighting power moving up closer to that magic 8000 market today. eurostoxx50 surged 1/3%. >> the euro is going for $1 u.s. 58. -- $1.3058. >> the free democrats are struggling. they're holding their annual meeting this weekend. they're under pressure to come up with something good. many in the party are skeptical that he house what it takes. they could very well crash out of the german parliament later this year for the first time. where exactly are they hiding? let's find out from our political correspondent. some blame their woes on this worsening. is that fair? >> they have not exactly prospere
and credit of the united states and therefore, it is a weapon against the citizens of this economy and the global economy. and i think we need to be straight up and say that essentially what i will do is look for ways around it. the republican caucus has said from the beginning and dramatically change since i joined the ways and means committee. the republican party really has to decide just how much it's going to gamble with the economy of the united states. i think that would be a dangerous scandal and i think the president has stressed that we have sensed it out. so i'm with him on that. >> we are going next to finlay lewis. >> i'm not surprised. >> assuming that there is a negotiation that does resolve a fairly comprehensive deal between the european union and its, and taking a look at the issues, that's going to have a profound impact on the regulatory regime in this country and in the united states. going into that, what would be your reservation about the deal that would emerge? what would you be most concerned about? >> well, there is a meeting of a group that is looking at
calming down, the united states economy broadening out, including housing, and now getting manufacturing back. i think that momentum, more than anything else, has caused the market to continue to be -- move higher, and to avoid sort of falling back again under all the other crisis, sort of fears that we've had. i think that's the big elephant in the room. if that continues, there's probably more room to the upside. >> do you think -- i know that fundamentals and politics aren't your thing necessarily, but do you think that the fiscal cliff, getting through that, was more important than what's coming up with the debt ceiling? or could the debt ceiling derail your view on things? >> you know, i think we've been desensitizing, you know, all year long a little bit, joe, to some of these armageddon ending stories. last year was interesting. we had as many issues on the table, a spring swing in the economy. a slowdown landing in china, uncertain election, the fiscal cliff and yet the vix index hardly ever got above 20 during the year. whereas in 2010 and 2011 it spiked up to 45 during those pa
to support the innovation economy in the united states. we are looking to produce better and new jobs and position to ensure that america remains at the forefront of the economy in the 21st century. we are working to ensure that all americans have the resources and the skills necessary to fully share in all of the possibilities, civic, social, and economic. all of these made possible by the internet. that is one of the reasons we are here today. he discovered for the administration is the broadband technology opportunities program or btop. this program was established in 2009 by the american reinvestment and recovery act and is administered by ntia. we have nearly $4 billion invested in roughly 230 projects across the country, all aimed at expanding broadband access and adoption in the country. and i want to tell you a little bit about the programs and then tell you about why we care so much about this issue. so, we have the btop for infrastructure projects. these are building broadband networks in areas that are currently underserved. they are making sure that hospitals, schools, and
else, whether people are going to feel good about stocks overall? >>> again the united states economy remains the tallest midget in the room. the investment environment here in the united states remains relatively benign. interest rate policy benign. as long as foreign exchange volatility remains rather muted, becky, risk asset, both housing and equity should continue to do well. we expect s&ps probably to get above 1500 by the end of march, beginning part of april. >> i'm sure people everywhere are going to be irritated with you this morning, john. let's talk about some of the things that we heard from these companies who have reported today. we spoke with ellen kullman the ceo of dupont a little earlier. we talked about how things like construction are expected to be very strong in the first half of the year. but things like automobiles, maybe not as strong as they were at the end of 2012. is that things that the stock market knows at this point or is this things that could actually move some of those other indices? she also talked about something something being very strong and may
with the president, particularly in the business community saying you do not hold the united states economy and its credit rating hostage no matter how much you care about a particular side or point of view in a budget negotiation. >> speaking of which, not a republican necessarily but allen writes in the journal, he says the consequences of hitting the debt ceiling are too awful to contemplate, worse even going over the fiscal cliff do you believe that they are unlikely to disappoint point us? >>. >> he is willing to engage in good faith action to reduce it further and that would be entitlement cuts and savings with further revenue increases and loopholes and tax expenditures. and what he's simply saying is the obvious and i've been around for 20 years. there's lots of good ways for us to fight with each other on the deficit and negotiate and take tough positions. the president is saying he's taking one option off the table and he's not going to deal with anybody who is going to threaten the default of the united states government to get their way and it was harmful to their businesses, harmful to
states in general, with the economy growing the way it is and the oil industry, it is for seen thing that will happen in the future throughout the united states. these emerging shale plays are here to stay. cheryl: okay. if you look at the, go back to california. i think this is so interesting. the eia did a report and said actually oil production, crude production in california has been on the decline since about 2006, basically the wells could be tapped here. do you think that's a possibility, or do you think the oxy find is a sure thing, a sure bet? >> right now looks like it is a sure bet. there is a some shale spoken about for, many years now and oxy, what they have done, they have drilled deeper targets. the oil is there. it is there from conventional production early on in the early 1900s. now you're seeing with the deep horizontal drilling in california and united states, the new technology with the three deseismic they have, they're discovering that the oil producing areas have deeper reserves and greater reserves. i think it is here to stay. there are a lot of companies out
or it will have a huge drag on the united states economy. once again, revisit the issue for the first time in american history. it is not a perfect package. it is something that gets us by while we tackle the large issues in the next congress. >> we are confronted with a bill that, if the vote full voting- age allow us to go over the ceiling or we can try to come together and pass something that neither tside of the aisle will agree with 100 percent. -- 100%. we do not have to can to new fighting. we have got to make sure parrot what i fin. maybe we are moving in the right direction and maybe we are moving toward -- forward. >> we expect them back any minute now. we do not know yet exactly what all happened -- what will happen. what we are hearing from several different sources is the rules committee is going to bring it up and it will be a straight up or down vote on the senate bill. the house will come back into session any minute now. off.ight have to cut an let's hear more voices. here are tweets -- let's hear voices on the phone. linda, what do you think? >> i do not think they know h
economic growth in key sectors of the united states economy. now, it has benefited many that are known as lawyers, and it has created many new levels of bureaucracy. but despite its good intention, we believe at the dallas fed it's been counterproductive and working against solving the core problem it seeks to address, too big to fail. let me define what i mean when we speak of too big to fail. the dallas fed's definition is financial firms whose owners, managers and customers believe themselves to be exempt from the process of bankruptcy and what was called creative destruction. such firms capture the financial upside of their actions, but they largely avoid payments for actions gone wrong, mainly bankruptcy enclosure. in violation of one of the baisk tenets of american-style capitalism. such firms envoy subsidies relative to their non-too big to fail competitors. they're much more likely to search for profits protected by the presumption that bankruptcy is highly unlikely to obtain. the phenomenon of the too big to fail results in an implicit policy of coming to the aid of the owners
the beginning of of the united states of america. the economy of the southern states and the northern states was very, very different. and even today the economy in montana is very different from the economy in lower manhattan. and we found a way to deal with that and to regulate it. the same is true in europe, the same is true in china, the same is true in india, the same is true in brazil. big countries deal with gaps between rich and poor, agriculture and urban, industrialized and evolving in much the same way we're going to have to on the global stage. so the problem's been solved and can be solved. >> host: evan, new york city. good afternoon. >> caller: hi. hi, david, i'm happy that you're taken my call. my question is the fiscal cliff that we're approaching. if obama decides to allow it to happen, what are the, what kind of catastrophe are you talking about? you know, i'm kind of concerned. what kind of -- how negatively will it affect the industry? i know it'll hit the government hard, but how bad will it really be out there in wall street and industry? >> guest: well, look, first of
.n.g. will benefit the united states' economy. in 2010, the oil and natural gas industry added $476 billion to our economy. to top it off, the oil and natural gas industry employs 9.2 million people in america. we are missing out on this opportunity by not exporting l.n.g. we have ignored this opportunity far too long. let's stop relying on middle eastern nations and use more natural gas and export it as l.n.g. that's just the way it is. i yield back. the speaker pro tempore: the gentleman yields back. for what purpose does the gentleman from indiana seek recognition? >> to address the house for one minute. revise and extend my remarks. the speaker pro tempore: without objection, the gentleman is recognized for one minute. >> thank you, mr. speaker. growing up back home on the farm in indiana we all knew that if you don't work, you don't eat. unfortunately that doesn't hold true if you are the majority leader in the united states senate. it's been four years since senate majority leader harry reid has brought a budget to the floor of the united states senate. you can build a pentagon three times i
that are -- amount of legal immigration that is allowed in the united states is based on the state of our economy. we are going to enshrine my here the principle that when there are job openings, americans get the first grab at it. >> senator schumer says he has spoken with president obama and that the president supports the bipartisan plan. president obama is flying to nevada to push the issue there. there was a flash of the old straight talking john mccain today when he was asked why republicans are suddenly ready to compromise so much on immigration. >> one, as i have stated before elections, elections, the republican party is losing the support of our hispanic citizens. and we realize that there are many issues in which we think we are in agreement with our hispanic citizens. but this is a preeminent issue with those citizens. >> today's developments left one right-wing republican observer completely dumbfounded. >> if the democrats think their position on immigration, let's use that for example, is the right one, and if the democrats' position is what is getting all that support from hispanic vo
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